If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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  • HDFC Car Loan Eligibility Calculator is Rated as "Excellent!" by 7356 Users
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    HDFC Car Loan Eligibility Calculator

    An Overview about HDFC Car Loan

    HDFC has attractive car loan offers for new and used cars. It has appealing interest rates, easy repayment tenures and large loan amounts. Customers can avail of three different car loans to suit their needs. You can avail of a loan for:

    • New Car
    • Pre-Owned Car
    • Loan Against Car

    HDFC offers car loans that finance 100% of your cost to purchase the car. Repay the loan over 7 years. You can check if you are eligible for a car loan in a minute and be approved of one in half an hour. Enjoy fixed interest rates and stability of your EMI every month. HDFC aims at making the process fast and hassle-free for their customers. With low down payments, competitive pricing, transparency and deals offered to customers, this car loan stands out as one of the best offers. HDFC ensures that there are no hidden charges in the loan process which makes customers happy with the clarity of the loan amount and applicable fees.

    HDFC also has tie ups with a number of authorised pre-owned car dealers to provide loans to customers seeking used cars. Get fast approvals and doorstep service with this loan. The car should not be older than 7 years for private use, and 6 years for commercial use.
    And even if you don’t have income documents to present, the bank has a car loan that makes it even more easier for you. The HDFC Loan Against Car Loan gives you an interest rate lower than 2% on a personal loan. You can get a maximum loan amount based on the value of the car.

    HDFC Car Loan Eligibility

    The HDFC car loan is offered to salaried individuals as well as self-employed businessmen. Your eligibility for a car loan is based on a number of factors such as your age, income and whether the bank can be sure you are capable of repaying the loan. You are also required to submit documentation that can support your identity, age, address and income claims.

    Apply for Car Loan Online

    New cars

    Employment

    Minimum age

    Maximum age at the end of loan tenure

    Work experience

    Minimum annual income

    Minimum turnover

    Landline facility required

    Salaried

    21 years

    60 years

    2 years, having worked with the same employer for at least a year

    Rs. 1,80,000

     

    Yes

    Sole Proprietorship

    21 years

    65 years

    2 years in business

    Rs. 60,000 for standard cars.

     

    Yes

    Rs. 1,00,000 for mid-sized and premium cars

    Partnership Firms

         

    Rs. 60,000 for standard cars.

     

    Rs. 4,50,000

    Yes

    Rs. 1,00,000 for mid-sized and premium cars

    Private Limited Companies

         

    Rs. 60,000 for standard cars.

     

    Rs. 4,50,000

    Yes

    Rs. 1,00,000 for mid-sized and premium cars

    Public Limited Companies

         

    Rs. 60,000 for standard cars.

     

    Rs. 4,50,000

    Yes

    Rs. 1,00,000 for mid-sized and premium cars

     

    Pre-owned cars

    Employment

    Minimum age

    Maximum age at the end of loan tenure

    Work experience

    Minimum annual income

    Minimum turnover

    Landline facility required

    Salaried

    21 years

    60 years

    2 years, having worked with the same employer for at least a year

    Rs. 1,00,000

     

    Yes

    Sole Proprietorship

    25 years

    65 years

    3 years in business

    Rs. 60,000

     

     

    Yes

    Partnership Firms

         

    Rs. 60,000

     

    Rs. 4,50,000

    Yes

    Private Limited Companies

         

    Rs. 60,000

     

     

    Yes

    Public Limited Companies

         

    Rs. 60,000

     

     

    Yes

    Hindu Undivided Family- HUF

         

    Rs. 60,000

     

    Yes

     

    Loan against car

    Employment

    Minimum age

    Maximum age at the end of loan tenure

    Work experience

    Minimum annual income

    Minimum turnover

    Landline facility required

    Salaried

    21 years

    65 years

    2 years, having worked with the same employer for at least a year

    Rs. 1,00,000

     

    Yes

    Sole Proprietorship

    21 years

    65 years

    3 years in business

    Rs. 60,000

     

     

    Yes

    Partnership Firms

         

    Rs. 60,000

     

    Rs. 4,50,000

    Yes

    Private Limited Companies

         

    Rs. 60,000

     

     

    Yes

    Hindu Undivided Family- HUF

         

    Rs. 60,000

     

    Yes

     

     

    HDFC Car Loan Documentation required

    In order to complete the eligibility process, you need to submit documentation to prove your identity, age, address and income. The following are the documents you will need.

    • ID proof -
      • For salaried individuals and businessmen: Any official document that can be used to identify yourself such as a copy of your passport, voters ID, PAN card, driver’s licence, ration card.
      • For Partnerships: Partnership deed
      • Private Limited Companies: Memorandum and Articles of Association / Certificate of incorporation
    • Age proof - Any official document that can be used to verify your age will suffice such as a copy of your passport, voters ID, PAN card, driver’s licence, ration card, employer certificate or ID, School or College leaving certificate.
    • Address proof - You are required to prove your place of residence through a ration card, driver’s licence, Passport, telephone bill, electricity bill, credit card statement with a copy of your credit card, or an employer’s certificate.
    • Signature proof - The bank also needs to verify your signature as it appears on your passport, driver’s license, credit card statement, banker’s verification, copy of margin money paid to the bank.
    • Income proof
      • For salaried employees, you need to present your latest salary slip with the latest Form 16/ Latest Income tax returns. You can submit the HDFC bank corporate salary account statement for the last 3 months for salaries above Rs. 8,000.
      • For businessmen, you need the latest/previous year’s Income tax returns with the advance tax paid challan or the latest IT assessment order.
      • For Partnership,Private and Public Limited Companies, you need the latest ITR and balance sheet along with Profit and Loss account.
    • In case you are transferring your loan, you need to submit the foreclosure statement from the previous bank.
    • The repayment schedule for 9 months for personal vehicle, and for 12 months for commercial vehicles.

    Factors Affecting HDFC Car Loan Eligibility

    Your HDFC Car Loan Eligibility can be affected by a number of factors. A few have been listed below.

    CIBIL score - CIBIL score is your credit score assigned by the Credit Information Bureau Limited. A high credit score could make your loan process easy and smooth. A low credit score could prove difficult to secure a loan.

    Age - You can get a loan only when you reach the age of 21 years. The maximum age poses a greater obstacle. You must finish the repayment period by the age of 65 years. This is where age can affect your eligibility.
    Income - The loan amount you are seeking to purchase your car may not always be the same as what you are eligible for. Your loan amount depends greatly on how much income you can show. If you end up being short on the eligible income scale, you can add on your immediate family member’s income to compensate the difference.

    Debt - Any debt you already have might affect your eligibility. Your debt-to-income ratio is a very important factor while taking out a major loan. If you already have another loan, or credit card debt, this could significantly reduce your eligible loan amount or total eligibility.

    How CIBIL Score affects HDFC Car Loan Eligibility

    Your CIBIL score is determined by the Credit Information Bureau (India) Limited which has come to play a very crucial role in India’s Financial System. CIBIL collects and stores all information related to your credit history like credit cards, loans, payments, defaults, spending patterns, and so on. A number of things could negatively affect your score like defaulting on your EMIs or minimum due payments. A lower score reduces the amount of loan you are eligible for. In extremely bad situations, you might not be eligible for a loan at all. You will need to build your score back through a long process. So it is important when you take credit from banks and financial institutions to pay your dues on time and play by the rules to ensure a good credit score for when you need it again.

    How to Increase your HDFC Car Loan Eligibility

    If you find yourself not eligible for the loan amount you are looking for, there are ways to change that.

    Pay off other debts - You will need to repay other loans and credit cards in order to increase the amount of loan you might get. Never take a personal loan right when you plan to take a big car loan or home loan in the near future. This could affect your debt-to-income ratio, and this will significantly reduce your loan amount.

    Co-applicants - You can include the income of your spouse, father, mother, son, daughter, brother and sister to increase your eligibility. They will be brought on as co-applicants of the loan even if the car is not in their name.

    Increase your credit score - Find ways to bring your credit score up. You could spend more on your credit card and pay it back ahead of time. CIBIL scores are tricky because even closing a credit card can put a ding in your score simply because your available credit limit is significantly reduced. So do your research and find ways to improve your score.

    HDFC Bank Car Loan Eligibility Calculators

    HDFC Bank offers a quick and easy eligibility calculator on its website. Simply enter your details to find out if you are eligible for a loan. You can also view the exact total cost and EMI of your car loan. You can then decide whether the loan is suitable for you and apply online. Get special discounted rates of interest when you apply for a loan online.

    You can also check your eligibility on BankBazaar.com. Enter your details and view the results of the loans you are eligible for. You can read further about the HDFC Car Loan offered and apply online directly through BankBazaar.com.

    Car Loan Reviews

    • HDFC Bank Car Loan
      "Better"
      0.5 4.0/5 "Great!"
      My car loan was taken with HDFC Bank through online channel. They offered a normal interest rate. The documentation process was simple and provided a doorstep service. I have purchased Royals Wagnor and I took loan of 6L. I have to pay monthly around 12,815 rupees.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 17, 2018
    • HDFC Bank Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      HDFC has offered a interest rate of 9.5% which was nominal. The processing fee was same as other banks. I have submitted the documents to the branch. They offered around 4.5L and I have purchased a TATA TIYAGO. The part payment and pre closure option is applicable with so many conditions which I don't like it.
      Was this review helpful? 0
      , ambala
      Reviewed on Jan 17, 2018
    • HDFC Bank Car Loan
      "Very good"
      0.5 4.5/5 "Excellent!"
      I have my car loan with HDFC bank.The loan amount was 5.8 lakhs . The interest rate was 8.5% which was satisfactory . The customer service and responses was up to the mark. The tenure period was 5 years . They have sanctioned the loan with the committed time and the loan was approved on time. The processing fee was very low and the pre closer is allowed after one year.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 17, 2018
    • HDFC Bank Car Loan
      "Very good"
      0.5 4.5/5 "Excellent!"
      I have my car loan with HDFC bank.The loan amount was 5.8 lakhs . The interest rate was 8.5% which was satisfactory . The customer service and responses was up to the mark. The tenure period was 5 years . They have sanctioned the loan with the committed time and the loan was approved on time. The processing fee was very low and the pre closer is allowed after one year.
      Was this review helpful? 0
      , tiruchirapalli
      Reviewed on Jan 17, 2018
    • HDFC Bank Car Loan
      "Very good"
      0.5 4.5/5 "Excellent!"
      I have my car loan with HDFC bank.The loan amount was 5.8 lakhs . The interest rate was 8.5% which was satisfactory . The customer service and responses was up to the mark. The tenure period was 5 years . They have sanctioned the loan within the committed time and the loan was approved on time. The processing fee was very low and the pre closing can be done after one year..
      Was this review helpful? 0
      , tiruchirapalli
      Reviewed on Jan 17, 2018
    • HDFC Bank Car Loan
      "Very good"
      0.5 4.5/5 "Excellent!"
      My car loan was taken with HDFC bank. The loan amount was 5.90 lakhs and the Interest rate was 8.65% which was average in the market. The tenure period was 5 years . The loan process was really good. I have not faced any inconvenience . I have tried using the tools like EMI calculator and credits score option which is good. My overall experience was very good.
      Was this review helpful? 0
      , tiruchirapalli
      Reviewed on Jan 17, 2018
    • HDFC Bank Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have my car loan with HDFC bank. The loan amount was 8.5 lakhs and the Interest rate was 8.45|% which was average In the market. The tenure period was 5 years. The customer service and responses was up to the mark.The loan was approved on time and the processing fee was nominal.
      Was this review helpful? 0
      , secunderabad
      Reviewed on Jan 17, 2018
    • HDFC Bank Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      The rate of interest was normal with HDFC Bank as per the market price. I compared with the government banks, here the foreclosing is not easy. They provided a doorstep service for the documentation. I have purchased TATA Nexon. The customer service and response was good.
      Was this review helpful? 0
      , indore
      Reviewed on Jan 17, 2018
    • HDFC Bank Car Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with HDFC bank and it was a good loan experience. The loan amount was for Rs 5 lakhs with the rate of interest of 9.5% which is nominal rate. The process was very quick and i received my loan amount within 2 days. Customer service was good and they followed up on time. My loan amount was based on the on-road price and the tenure of this loan is 5 years.
      Was this review helpful? 0
      , pune
      Reviewed on Jan 16, 2018
    • HDFC Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My Car loan application was approved with HDFC bank and the experience was quite good. This was preapproved loan so i got my loan amount within 7 days. The loan amount was for Rs 4.50 lakhs with the rate of interest of 8.35% which is less when compared to other banks. Customer service was good and they collected documents on time. My loan amount was approved based on the on-road price. The processing fees was nominal and the tenure of this loan is 5 years.
      Was this review helpful? 0
      , rajkot
      Reviewed on Jan 16, 2018
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My car loan application was approved with HDFC bank and the loan experience was good. The process was smooth and i received my loan amount within 10 days. The loan amount is for Rs 8 lakhs with the rate of interest of 8.5% which is nominal when compared to all other banks. My loan amount was based on the on-road price. They charged Rs 6000 as processing fee which is nominal. Customer service was good and they collected documents on time. The tenure of this loan is 7 years and it was overall a good service from HDFC bank.
      Was this review helpful? 0
      , indore
      Reviewed on Jan 16, 2018
    • HDFC Bank Car Loan
      "Good card"
      0.5 5.0/5 "Blown Away!"
      My credit card was taken with HDFC Bank one month ago. They offered a credit limit of 25,000 rupees which was not satisfactory. It would be great if they can increase my credit limit. I am using the card for online purchases. They don't charge annual fee.
      Was this review helpful? 0
      , rohtak
      Reviewed on Jan 16, 2018
    • HDFC Bank Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I had taken a car loan with HDFC Bank through online portal. The rate of interest was nominal, they offered a 8.5% interest rate. I had taken 11L and purchased a Scorpio. I have to pay monthly premium of 23,770 rupees through ECS. The customer service and response was good with HDFC.
      Was this review helpful? 0
      , rohtak
      Reviewed on Jan 16, 2018
    • HDFC Bank Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have my car loan with HDFC bank for about 4 years back. The loan amount was 5 lakhs and the Interest rate was 10.24% which was average In the market. The loan process was very smooth and hassle free . The processing fee was 2000 and My overall experience was good and Its recommendable.
      Was this review helpful? 0
      , jaipur
      Reviewed on Jan 12, 2018
    • HDFC Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have a car loan with Hdfc the rate of interest they offer me was 9.5 which is little high compared to other banks in the market. The customer support was good,the documents have been collected from my door step for my Swift Dzire vxi petrol car ,they offer me 5 lakhs as a loan amount.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 11, 2018
    • HDFC Bank Car Loan
      "Best banking"
      0.5 5.0/5 "Blown Away!"
      I have taken a Car loan with HDFC bank.The loan amount is 8 lakhs,rate of interest is nominal as compared to other banks.The tenure is for 36 months.I had closed the loan in 2015.I had submitted documents to process it was a smooth process.
      Was this review helpful? 0
      , jaipur
      Reviewed on Jan 09, 2018
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My car loan experience with HDFC bank was good, they provided very good services and they responded on time. The loan amount was for Rs 4 lakhs with the rate of interest of 12% which is high when compared to other banks. My loan amount was based on the on-road price. There is no penalty charged for preclose and part payment. The tenure of the loan is 5 years and overall it was a good service from HDFC bank.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 08, 2018
    • HDFC Bank Car Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have taken a Car loan with HDFC bank.The loan amount is four lakhs.The rate of interest is nominal as compared to other banks.Its been four years since i have taken this loan.The EMI amount is 8000 paid through an ECS payment.The process was too simple with them.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 08, 2018
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I had applied for a car loan with HDFC bank.The loan amount is five lakhs.Rate of interest is very high as compared to other banks.I would recommend the bank.the tenure is for 15 years.i had submitted documents and pay my EMI by cash.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 06, 2018
    • HDFC Bank Car Loan
      "Good bank"
      0.5 4.0/5 "Great!"
      I have taken a car loan from HDFC bank. The approved loan amount was 9 lakhs and 72 thousand. The rate of interest is 8.45%. GST was applicable.The loan amount got approved with in 2 days. The customer service and response is good with HDFC.
      Was this review helpful? 0
      , pune
      Reviewed on Jan 05, 2018
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